The Institutes RiskBlock Alliance, a not-for-profit enterprise-level Blockchain consortium for the risk management and re/insurance industry, has added 12 new member companies – bringing the total number of participating firms to 30.
Created in 2017, RiskBlock Alliance was designed to enable the development of blockchain-based tools and create new products – including a proof of insurance application, a first notice of loss data-sharing process, a smart contract enabled subrogation tool and a parametric insurance application – for its members.
New member companies announced include W.R. Berkley, Travelers, Assurant, GEICO, Acuity Insurance, State Farm, Amerisure Mutual, BB&T Holdings, D. Francis Murphy Insurance, EMC Insurance, FHM Insurance Company, and TrueNorth.
“In talking with our members, we’ve heard time and again that our biggest differentiator is our not-for-profit status and commitment to working with members to identify and build solutions for the industry’s most pressing collective issues,” said Christopher McDaniel, President of the RiskBlock Alliance.
Members will also work together to identify, test and bring to market future blockchain applications that it hopes can better serve policyholders and reduce costs by streamlining payments, reducing fraud and improving timely access to relevant data.
“Blockchain becomes exponentially more powerful as more organizations connect to it, and hitting this membership milestone brings us one step closer to the scale blockchain needs to transform the industry and greatly enhance consumers’ experience with insurance.”
